|
|
|
Leading PR firm Edelman to lay off 390 employees, pay cut for senior staff
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 04 Jun, 2020
Chicago-based public relations firm Edelman is laying off 390 people or
about 7 per cent of its workforce, a reversal of an earlier pledge to
avoid layoffs during the Covid-19 pandemic.
According to a report
in Chicago Tribune, Edelman, which has about 5,700 employees worldwide,
would also cut salaries from 5 per cent to 20 per cent for the senior
staff not affected by the layoffs.
In an email, Richard Edelman, President and CEO, explained the move.
"This
decision is gut wrenching, especially as I told you in March that we
would have no job losses due to the pandemic. Despite all efforts, we
are beyond the threshold of loss-making and to ensure the long-term
health of our business, I must change course," he told the employees.
The
PR firm cited "a succession of body blows" to the business, with
travel, hospitality, automotive and airline clients facing "historic
declines in demand."
Declining oil prices brought "massive cuts" in the firm's energy business, he added.
In
addition to severance, the affected employees would receive career
transition services, employee assistance programming including
"emotional support" and a $1,000 credit toward personal technology such
as a laptop.
Founded in Chicago in 1952, Edelman generated $892 million in revenue last year.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|